Darwin: Current high crude prices will not have an impact on China's plan to fill its strategic oil reserves, a top Chinese official said on yesterday.
Wang Jinxiang, vice-chairman of the National Development and Reform Commission (NDRC), said China's strategic reserves were mostly filled with domestic supplies and overseas crude made up a small part of the equation.
"High oil prices will not have any impact on our strategic oil reserves because we import very little oil, we get most of our supplies domestically," Wang told reporters on the sidelines of the Asia-Pacific Economic Cooperation (Apec) meeting held this week.
');
//-->
This contrasts with evidence from shipping sources that say most strategic reserve fills came from imported crude, implying Wang's remarks are aimed more at offsetting worries that China's growing demand for imports is helping drive up oil prices.
Tuesday, May 29, 2007
Oil boom creates challenges for region - Middle East
Dubai: Managing the windfall oil revenues of the last years is a continuing challenge for oil exporters, a World Bank report says.
"The risk of overheating domestic demand and its potential inflationary consequences loom as an overarching threat," the bank's Global Development Finance 2007 report, released yesterday and obtained by Gulf News, says.
"It appears, however, that in contrast with earlier episodes of oil booms, judicious use of oil stabilisation funds and other financial management approaches have served to counter overheating and to augment the non-oil supply potential of the economy. Continued pursuit of these approaches should remain a priority."
');
//-->
The emergence of large-scale capital flows within the broader region, largely among the GCC and from GCC to the resource-poor economies in the region, offers new opportunities as well as risks, it says. "The 2005-06 crash of GCC equity markets serves as a reminder of the potential of overshooting in a new financial environment."
"The risk of overheating domestic demand and its potential inflationary consequences loom as an overarching threat," the bank's Global Development Finance 2007 report, released yesterday and obtained by Gulf News, says.
"It appears, however, that in contrast with earlier episodes of oil booms, judicious use of oil stabilisation funds and other financial management approaches have served to counter overheating and to augment the non-oil supply potential of the economy. Continued pursuit of these approaches should remain a priority."
');
//-->
The emergence of large-scale capital flows within the broader region, largely among the GCC and from GCC to the resource-poor economies in the region, offers new opportunities as well as risks, it says. "The 2005-06 crash of GCC equity markets serves as a reminder of the potential of overshooting in a new financial environment."
Gas exporters set out on long march toward unity
Doha: The Organisation of Petroleum Exporting Countries (Opec) had little influence until a decade after it was founded and it could take an organisation of leading gas producers even longer to gain clout, but it is moving in that direction.
At its first meeting in two years, the Gas Exporting Countries Forum on Monday decided to set up a high-level study group, led by the world's biggest gas exporter Russia, to examine tighter collaboration.
Ministers said it was a step towards turning the previously toothless body into a gas version of Opec, which has a permanent secretariat, a team of experts to analyse the balance of supply and demand and has at times sent oil prices soaring.
');
//-->
Some big gas powers balked at the word cartel - a label often given to Opec and also rejected by many in that group. They said they were not seeking to fix prices or limit supplies to consumers.
At its first meeting in two years, the Gas Exporting Countries Forum on Monday decided to set up a high-level study group, led by the world's biggest gas exporter Russia, to examine tighter collaboration.
Ministers said it was a step towards turning the previously toothless body into a gas version of Opec, which has a permanent secretariat, a team of experts to analyse the balance of supply and demand and has at times sent oil prices soaring.
');
//-->
Some big gas powers balked at the word cartel - a label often given to Opec and also rejected by many in that group. They said they were not seeking to fix prices or limit supplies to consumers.
Dollar Higher Against Yen
TOKYO (AP) - The U.S. dollar was trading at 121.66 yen at 8:50 a.m. Wednesday (2350 GMT Tuesday), up from 121.55 yen late Tuesday in New York.
Oil Prices Lose More Than $2 a Barrel
NEW YORK (AP) -- Oil prices plunged by more than $2 a barrel Tuesday on hopes that the inauguration of a new president in OPEC member Nigeria would contribute to a stable supply from the Niger Delta region.A formal meeting over the weekend between U.S. and Iranian officials also soothed traders' concerns about a potential conflict between the two countries.
Light, sweet crude for July delivery dropped $2.05 to settle at $63.15 a barrel on the New York Mercantile Exchange. Before the long weekend, U.S. crude oil climbed more than $1 to $65.20 Friday. Monday there was no floor trade and no closing price in the U.S. because of the Memorial Day holiday.
Light, sweet crude for July delivery dropped $2.05 to settle at $63.15 a barrel on the New York Mercantile Exchange. Before the long weekend, U.S. crude oil climbed more than $1 to $65.20 Friday. Monday there was no floor trade and no closing price in the U.S. because of the Memorial Day holiday.
Prospects dim for quick home-price recovery
NEW YORK (CNNMoney.com) -- Home prices fell over the last 12 months for the first time in 16 years, according to a survey released Tuesday, and investors seem to believe that prospects for a quick recovery are poor.
The S&P/Case-Shiller national home price index revealed that in 13 of 20 metro areas surveyed, home prices fell an average of 1.4 percent in the 12 months ended March 31, with half of that decline, 0.7 percent, coming in the first quarter.
Home prices sank for the first time in 16 years in the 12 months through March, hurt in part by foreclosures stemming from problems in the subprime mortgage business.
Current Mortgage Rates
The national index sank over a 12-month period for only the second time in its history and the first time since 1991. The drop is in stark contrast to a year ago, when home prices jumped 11.5 percent over the prior 12 months, according to the index.
The S&P/Case-Shiller national home price index revealed that in 13 of 20 metro areas surveyed, home prices fell an average of 1.4 percent in the 12 months ended March 31, with half of that decline, 0.7 percent, coming in the first quarter.
Home prices sank for the first time in 16 years in the 12 months through March, hurt in part by foreclosures stemming from problems in the subprime mortgage business.
Current Mortgage Rates
The national index sank over a 12-month period for only the second time in its history and the first time since 1991. The drop is in stark contrast to a year ago, when home prices jumped 11.5 percent over the prior 12 months, according to the index.
Subscribe to:
Posts (Atom)
